As of writing this, the national average mortgage rate is hovering around 7%. But if you’re in the business of mortgage refinance, you know that refinancing is beneficial for individual homeowners at different times.
They could want to shorten their loan term or access their equity. For this reason, despite market conditions, now’s a good time to learn the ins and outs of mortgage refinance leads.
One of the best paths forward is to connect with prospective buyers by purchasing validated, aged bulk mortgage refinance leads.
Not only are these prospects interested in what you offer, but the leads can be purchased at a fraction of the cost of live leads.
What are mortgage refinance leads?
Mortgage refinance leads are typically generated online through websites such as Experian, LendingTree, TransUnion, and NetQuote, by prospective buyers looking to learn more information about refinancing loans.
These leads vary by loan type, whether it’s a cash-out refinance, conventional, FHA, VA, home purchase, or reverse mortgage.
Once leads come in, lead generation websites often take 24 to 48 hours to sell these fresh or “live” leads to buyers.
If after 48 hours the leads haven’t sold, they are no longer “fresh” and become “aged” meaning they will likely get sold at a huge discount on the value of the lead.
Why you should buy mortgage refinance leads
In the mortgage industry, we don’t need to tell you about the importance of a pipeline full of prospects at any given time. Referrals and local business will ebb and flow due to the market and you need to have a back-up way to get leads.
Purchasing inexpensive leads in bulk is the easiest and cheapest way to keep generating sales for your business.
Many companies generate leads the old-fashioned way, through cold-calling and direct mail campaigns, but these tactics are expensive and time-consuming. Plus the old-school techniques don’t do much to reach younger buyers who are more tech-savvy and willing to do business online.
You’re better off buying validated leads that have already been collected by lead-generating services.
Buying bulk leads is a numbers game for sales. The more leads you can get at a cheaper price, equals greater ROI.
Why wait a month to collect leads through a direct mail campaign when you can instantly download aged leads that have already been generated?
Aged refinance leads are also great to give to the newbie sales rep who may not be fully confident to close on the more expensive, fresh leads.
Where to buy mortgage refinance leads
Aged Lead Store offers millions of searchable, validated mortgage refinance and home purchase quote requests with more added weekly.
Our store is easily searchable, allowing you to narrow down leads by lead type, lead age, state, zip code, credit type, phone options, loan type, loan amount, and more.
Once your filters have been selected, get an instant count and delivery of your leads. All leads are downloaded in CSV format with the phone(s), email(s), address, date of birth, job, etc., to easily integrate into your CRM.
What kinds of mortgage refinance leads are available to buy?
Mortgage refinance leads are categorized and sold by their age:
- 30 to 85 days
- 86 to 365 days
- 366 to 2000 days (landlines only)
Once a buyer puts in their preferred filters, leads are then typically purchased and downloaded in bulk, ranging anywhere from 1 to 249 leads for individual salespeople, and up to 25,000+ leads for businesses looking to beef up their database for large marketing and sales departments.
How much do mortgage refinance leads cost?
Refinance leads can be bought from many sources online, ranging from around $20 to $30 per new exclusive lead and around $10 or under for older leads.
Aged Lead Store offers some of the most affordable prices for purchasing bulk aged mortgage refinance leads:
- $1.50 per mortgage lead 30 to 85 days old for 1 to 249 leads
- $1.20 each when you buy 250 to 999 leads
- $0.40 per lead when ordering 25,000+
- $0.40 per mortgage lead 86 to 365 days old for 1 to 999 leads
- $0.20 each when ordering 25,000+
- $0.25 per mortgage lead 366 to 2000 days old (with landline) for 1 to 999 leads
- $0.08 when purchasing 25,000+
Prices per lead drastically decrease as bulk orders increase, taking nearly half of the price off when ordering 5,000 to 9,999 leads.
How to nurture leads
In a perfect world, there would be no nurturing of mortgage refinance leads. You’d contact a prospect, they’d show their interest, and you’d close the deal on the spot. Unfortunately, that doesn’t happen very often.
Here are several high-level steps you can take to successfully nurture leads.
1. Communication is key
When you’re nurturing mortgage refinance leads, your primary focus should be on establishing open lines of communication. It’s not just about bombarding them with information; it’s about actively listening to their needs, worries, and expectations.
Ask pertinent questions—what are their goals for refinancing? Listen attentively and provide personalized product recommendations. This demonstrates that you understand their circumstances, and it also builds trust, a critical element in any business relationship.
And remember, you can communicate through various channels including phone, text message, email, and social media.
2. Deliver valuable content
To nurture your leads effectively, you should be proactive about delivering relevant and valuable content. This includes market insights, mortgage trends, or articles related to their specific interests.
Leverage various platforms such as newsletters, blogs, social media, and email campaigns. Don’t be afraid to shoot simple informative videos to post or send to leads. Delivering educational content doesn’t just inform your leads, it also positions you as an expert, making your prospects feel more comfortable about doing business with you.
3. Be patient and consistent
Nurturing mortgage refinance leads is not a one-and-done process. It takes time and consistency. Understand that every lead is on a unique journey and might not be ready to make a decision immediately. Don’t rush them. Be consistent in your follow-ups and your delivery of value-added content.
By remaining patient and steadfast, you’re more likely to be top of mind when they are ready to proceed with refinancing.
There will be times when your patience and consistency pay off. There will also be times when it leads you down a dead end. That’s okay. It’s all part of the process.
4. Personalization is the name of the game
Every lead is different, so take a unique approach with each one. Use the information you have gathered about the leads to tailor your interaction with them. Personalization could be as simple as using their name in communications or as complex as offering specific mortgage products based on their expressed needs.
By personalizing your approach, you create a connection with the lead, making them feel valued and understood.
5. Keep them updated
Keep your leads in the loop about the latest mortgage news and changes in the industry that might affect them.
Are there new regulations that might influence mortgage rates? Is there a shift in the real estate market that they should know about?
Sharing such updates not only educates your leads but also shows them that you are up-to-date and informed, reinforcing their trust in your expertise.
How to sell to mortgage refinance leads
As we said before, selling aged refinance leads is a numbers game, so you’ll want to set up an efficient system for calling several people a day.
We recommend using a CRM system that allows for auto-dialing, which can help you eliminate wrong numbers and run through your calls up to four times quicker than usual.
As with most over-the-phone sales, use a sales script to keep your pitch focused, concise, and confident.
Remember, that aged leads are real leads. These are people who have specifically requested information on mortgage refinancing rates.
Using aged leads makes sense for mortgage refinancing because you have the opportunity to work with people who were initially unqualified, but now are qualified. Or finding people who wanted more information, but still haven’t made a final decision.
Sure, some of these leads may have already been contacted, or even potentially refinanced their homes already, but it’s likely many of them still haven’t found the right salesperson to make it happen.
You can be that hero who walks them through the mortgage refinancing process to make their home more affordable.
Tips for closing mortgage leads
By now, you should have a clear idea of the what, why, where, and how of mortgage refinance leads. While all of these details are important, there’s really only one thing that matters: turning leads into closed customers.
The more experience you gain the more you’ll understand what does and doesn’t resonate with your target audience. However, there are five general tips that any broker or loan officer can use to close more mortgage refinance leads.
1. Understand your leads
When dealing with mortgage refinance leads, the first step towards a successful close is understanding the client. These prospects have already expressed interest in refinancing their mortgages, so dig deeper to understand their motivations.
Are they looking to lower their monthly payments, shorten the term of their mortgage, or tap into their home’s equity? Do they know about the many types of loans available to them?
Understanding your leads’ specific needs will help tailor your approach, providing solutions that resonate with their unique situations.
Note: Don’t treat any two leads the same way. Take a unique and personalized approach with each one to improve your chance of success.
2. Establish rapport
Trust is a critical component in closing mortgage leads. To build a relationship based on trust, you must establish a strong rapport with your leads. Be sincere, empathetic, and responsive.
Remember, these prospects are contemplating a significant financial decision. They need to be confident in your expertise and honesty as their agent or broker. Use clear and transparent communication and avoid industry jargon to ensure they understand all the details related to refinancing their mortgage.
Pay close attention to what does and doesn’t work when building relationships with prospects. Your goal is to constantly improve your approach until you have a system that works more times than not.
3. Provide value
In the crowded mortgage industry, standing out from the competition can be a challenge. To do this, you must offer real value to your leads. This goes beyond competitive rates and a promise of being the best.
It includes giving insightful advice, staying abreast with market trends, and understanding the latest mortgage products and how they may benefit your client. Show them that you bring more to the table than other brokers by going the extra mile, and they’re more likely to trust you with their refinance.
Another way to provide value is by personalizing your approach to the wants and needs of each prospect.
For example, a first-time homeowner in their 30s won’t take the same approach to refinancing as someone who has reached retirement age. A personalized process can tip the scales in your favor.
4. Focus on the close
Closing mortgage refinance leads is about more than just persuading someone to sign on the dotted line. It’s about helping them make a decision that benefits them in the long run.
Be prepared to address any concerns they may have and overcome objections effectively.
Providing clear explanations, offering various loan options, and laying out potential scenarios can help. It’s also beneficial to simplify the process as much as possible, keeping them informed at each step. This demonstrates your commitment to their comfort and understanding, a factor that could be pivotal in their decision to move forward.
Note: Don’t get ahead of yourself by attempting to close the deal before the appropriate time arrives. Doing so may put your prospect in an awkward position, thus scaring them away before you have a real chance to make a sale.
5. Maintain a relationship
The relationship with your client doesn’t end once the deal is closed. It’s crucial to stay connected post-closing, ensuring they’re satisfied and addressing any further questions they might have.
This follow-up not only helps cement your relationship with the client but also increases the chances of them referring you to others.
Sending periodic newsletters or market updates, or simply checking in with a call or an email, can keep you top of mind for when they need mortgage services again.
Remember this: There’s a fine line between maintaining a relationship and going overboard. A monthly newsletter is a good idea. An email once or twice a year is fine. However, calling past customers once a month to ask for referrals is a bad idea.
Your goal is to maintain a positive relationship at a distance.
In conclusion, closing mortgage refinance leads requires a combination of strong understanding, rapport building, value addition, effective negotiation, and post-closing follow-up.
Adopting these strategies can increase your chances of not only closing the deal but also building a long-lasting relationship with your clients, leading to future business opportunities.
Photo by Daniel Frank